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23 Cards in this Set
- Front
- Back
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Perfect Competition
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A market structure in which a large number of firms all produce the same product.
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Monopolistic Competition
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a market structure in which many companies sell products that are similar but not identical.
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Oligopoly
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A market structure in which a few large firms dominate a market.
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Monopoly
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A market dominated by a single seller.
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Non Price Competition
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A way to attract customers through style, service, or location, but not a lower price.
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Natural Monopoly
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A market that runs most efficiently when one large firm supplies all of the output.
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Cartel
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A formal organization of producers that agree to coordinate prices and production.
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Deregulation
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The removal of some government controls over a market.
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Barriers to entry
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Any factor that makes it difficult for a new firm to enter a market.
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Price discrimination
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Division to customers into groups based on how much they will pay for a good.
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Economies of scale
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Factors that cause a producer's average cost per unit to a fall as output rises.
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Sole proprietorship
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A business owned and managed by a single individual.
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General partnership
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Partnership in which partners share equally in both responsibility and liability.
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Partnership
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A business organization owned by two or more persons who agree on a specific division of responsibilities and profits.
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Corporation
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A legal entity owned by individual stockholders.
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Conglomerate
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Business combination merging more than three businesses that make unrelated products.
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Cooperative
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A business organization owned and operated by a group of individuals for their mutual benefit.
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Fringe benefit
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Payment other than wages or salaries.
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Vertical Merger
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The combination of two or more firms involved in different stages of producing the same good or service.
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Horizontal merger
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The combination of two or more firms competing in the same market with the same good or service.
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Assets
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Money and other valuables belonging to an individual or business.
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Liability
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The legally bound obligation to pay debts.
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Non Profit Organization
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Institution that functions much like a business, but does not operate for the purpose of generating profits.
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